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Algarve property: the second quarter sees prices increase by 3.9%

ALGARVE PROPERTY: THE SECOND QUARTER SEES PRICES INCREASE BY 3.9%According to the Idealista price index, house prices in the Algarve have risen by 3.9% in the second quarter of this year.

Buying a house has a cost of 2,789 euros per square metre at the end of June, taking into account the median value. In relation to the monthly and annual variation, prices rose 1.6% and 15.2%, respectively.

Prices in the region increased in all municipalities with the exception of Portimão which decreased by 0.2%. Property prices increased the most in Vila Real de Santo António (15.5%), followed by Vila do Bispo (10.6%), Olhão (6.8%), Aljezur (6.6%), Tavira (6% ), Loulé (5.8%), Lagoa (5.7%), Lagos (5.3%), Albufeira (5.1%), São Brás de Alportel (4.5%), Faro (4.3 %), Silves (3.4%) and Monchique (0.6%).

The most expensive municipality to buy a house is Loulé (3,369 euros/m2), followed closely by Lagos (3,220 euros/m2) and Lagoa (3,119 euros/m2). The cheapest areas are Alcoutim (875 euros/m2), Monchique (2,073 euros/m2) and São Brás de Alportel (2,185 euros/m2)

During the second quarter, house prices rose in all regions of the country not just the Algarve. Leading the rise is the Autonomous Region of the Azores (9.4%), followed by the Autonomous Region of Madeira (6.4%) and the Center (4.8%). The Alentejo (4.2%), the Algarve (3.9%), the Lisbon Metropolitan Area (1.3%) and the North (1.1%) follow behind.

Nationally, the average property price increased by 1.3% in the second quarter, at 2,381 euros/m2.

Source Algarve Primeiro

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